home sales in Coronado

Economists have long been concerned with the California housing market. One that is truly unique compared with much of the rest of the country, the California real estate market is now booming and experts are bullish on its progress. A recent report from PropertyRadar found that the March home sales jumped its biggest uptick reported in the past three years. The spring home buying season is officially in gear and California has picked itself back up.

“For the first time in 16 months, sales were higher than a year earlier,” said Madeline Schnapp, director of economic research for PropertyRadar. “Pent-up demand, mild winter weather and attractive interest rates have created a wellspring of California housing market sales. Despite the California drought dominating headlines, we aren’t seeing any data indicators that would lead us to believe that the drought is having a negative impact on the market. Obviously we’ll continue to monitor that closely.”

In March 31,989 homes and condos sold, which was a 33.1 percent increase from the 24,031 in February. In February home sales increased by 3.3 percent over the previous month, another positive sign as this was the first February gain since 2012. March home values saw an increase of 8.8 percent as well.

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“After eight months of flat to declining prices, the surge in March sales was enough to push prices significantly higher,” said Schnapp. “Affordability, particularly in California’s sought-after coastal areas, has become a big problem. The median income homebuyer in these areas can no longer afford to buy the median priced home. While inventory indicators seem generally favorable, you’d be hard pressed to find buyers who are not complaining of a lack of available homes for sale.”

In Southern California in particular, home sales increased by 41.9 percent.

Coronado sees market fluctuate in spring

Coronado home values have increased year-over-year, but going into the second half of April the market conditions were showing that demand has fallen. According to Altos Research, a California-based real estate analytics company, the median single-family home value was reported at $2,636,115. This is up from about $2.17 million reported a year ago. The seven-day average shows an even higher reported value at nearly $2.89 million.

In order to measure supply versus demand, Altos uses a unique metric called the Market Action Index using a scale that values 30 as neutral. As of April 17 this unit was reported at 27.63, showing a favor toward home buyers although only slightly. A buyer’s market typically notes that demand is low, however with only 78 properties listed in Coronado sellers shouldn’t have any concerns with selling their luxury home.

Homes are currently being listed for about 188 days, which is just slightly higher than where it was this time last year. Now that more home buyers and sellers are gaining interest and confidence in the housing market, Coronado is sure to pick up slightly.

If you’re interested in learning more about Coronado luxury homes, give us a call. Our experienced team of real estate professionals are here to assist you in finding the perfect place to call home in Southern California.

Check out these available luxury Coronado homes between $2.5 million and $3.5 million

  1. 4 beds, 3 baths
    Home size: 2,339 sq ft
    Lot size: 6,969 sqft
  2. 4 beds, 3 baths
    Home size: 2,339 sq ft
    Lot size: 6,969 sqft
  3. 1 bed, 1 bath
    Home size: 230 sq ft
    Lot size: 5,500 sqft
  4. 1 bed, 1 bath
    Home size: 230 sq ft
    Lot size: 5,500 sqft
  5. $2,599,000 : 419 J Ave, Coronado
    5 beds, 5 baths
    Home size: 2,994 sq ft

See all City of Coronado Luxury Homes For Sale.
(all data current as of 7/24/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.